HB4206

Illinois HB4206 establishes a process for charitable organizations to claim property designated for them in nonprobate instruments.

HB4206, known as the Charitable Organization Beneficiary Act, requires holders of property with a designated beneficiary to notify charitable organizations within 30 business days of the owner's death. The act allows charitable organizations to request information or transfer of the property. It outlines the duties of property holders, including not requiring the organization to establish an account or delay payments. It also provides remedies for failure to comply, such as delivery of the property or information, damages, and costs.